National Aluminium Company (NATIONALUM) Q3 24/25 earnings summary

Executive summary

• Achieved record quarterly and nine-month revenue, PAT, and EBITDA margin, with PAT for nine months at INR 3,246.3 crores, up 211% year-over-year.

• Highest-ever interim dividend of INR 8 per share declared in two tranches.

• Integrated operations across bauxite, alumina, aluminium, power, and coal, with zero debt leverage supporting expansion plans.

• Major expansion projects underway in bauxite mining, alumina refinery, and aluminium smelter, with significant capacity additions expected by FY29-30.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31.12.2024 were approved by the Board.

Financial highlights

• Standalone revenue from operations for Q3 FY25 was ₹4,662.22 crore, up from ₹3,347.58 crore in Q3 FY24; nine-month revenue was ₹11,519.80 crore, up from ₹9,570.10 crore year-over-year.

• Q3 standalone PAT at INR 1,582.90 crores, up from INR 487.59 crores in Q3 FY24; nine-month PAT at INR 3,246.30 crores, up from INR 1,647.33 crores year-over-year.

• EBITDA (excluding exceptional items) for Q3 FY24-25 stood at ₹2,427 crore, up from ₹824 crore in Q3 FY23-24.

• Operating expenses decreased year-over-year to ₹2,335 crore in Q3 FY24-25 from ₹2,574 crore in Q3 FY23-24.

• Basic EPS (standalone) for Q3 FY25 was ₹8.62, compared to ₹2.66 in Q3 FY24.

Outlook and guidance

• LME aluminium prices expected to face pressure from global trade actions, manufacturing contraction, US interest rate cuts, and anticipated surplus in 2025.

• Indian aluminium demand projected to rise from 4.9 million tons in 2024 to 8.3 million tons by 2030, driven by infrastructure, electrical, and transportation sectors.

• Targeting refinery expansion commissioning by December, with commercial volumes expected in FY27.

• Expansion projects in mining, refining, and smelting to drive future growth and value-added product offerings.

• Interim dividend of ₹4 per equity share (80% of face value) amounting to ₹734.65 crore for FY25 was approved and paid; a second interim dividend of ₹4 per share was also approved.